McNaughton is the chief financial examiner, based in our Seattle office. He manages 23 credentialed examiners who are responsible for auditing 45 domestic insurance companies, 90 charitable annuity issuers, and certain public entities, such as the state Health Care Authority.
“Pat was instrumental in rebuilding our financial examination program,” said Commissioner Mike Kreidler. “Financial exams are conducted to ensure insurance companies in Washington honor the promises they make. The impact of a well-regulated insurance industry cannot be overstated in terms of our state’s economy. Washington’s $28 billion insurance industry impacts virtually every adult, family, and business in the state and provides about $500 million annually for the general fund.”
McNaughton’s work enabled the OIC to regain accreditation by the National Association of Insurance Commissioners, and helped create a new system of risk-focused financial analysis and examination.
McNaughton will join other award recipients at a luncheon with Gov. Jay Inslee on June 3.
“Bennie’s work has made a difference to Washington consumers,” said Kreidler. “It is fitting that Bennie received this award during Public Service Recognition Week, because the work he and his colleagues do every day is worthy of recognition. This award also embodies the nature of the work we do through SIU, which relies on partnership and collaboration with law enforcement, other governments and insurance companies to combat fraud and protect consumers in Washington state.”
SIU identifies and investigates for prosecution criminal organizations and individuals engaged in fraud schemes that target the insurance industry. Partnerships with insurance industry professionals and a variety of private and public sector entities and individuals are critical for success in combating fraud while protecting consumers.